Medicines and Related Substances Act, 1965
R 385
Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)Amended Codes of Good Practice (2013)Amended Code Series 100: Measurement of the Ownership Element of Broad-Based Black Economic EmpowermentAnnexe 100 (C)2.3 Rules for Employee Share Ownership Programmes |
2.3 | Rules for Employee Share Ownership Programmes |
2.4 | The following rules apply to Employee Share Ownership Programmes; |
2.4.1 | the constitution of the scheme must define the Participants and the proportion of their claim to receive distributions; |
2.4.2 | a written record of the name of the Participants or the use of a defined class of natural person satisfies the requirement for identification; |
2.4.3 | a written record of fixed percentages of claim or the use of a formula for calculating claims satisfies the need for defining proportion of benefit; and |
2.4.4 | the fiduciaries of the scheme must have no discretion on the above mentioned terms; and |
2.5 | The Participants must take part in: |
2.5.1 | appointing at least 50% of the fiduciaries of the scheme; |
2.5.2 | managing the scheme at a level similar to the management role of shareholders in a company having shareholding; |
2.5.3 | the constitution, or other relevant statutory documents, of the scheme must be available, on request, to any Participant in an official language in which that person is familiar; |
2.5.4 | the scheme fiduciaries must present the financial reports of the scheme to Participants yearly at an annual general meeting of the scheme; and |
2.5.5 | all accumulated Economic Interest of the scheme is payable to the Participants at the earlier of a date or event specified in the scheme constitution or on the termination or winding-up of the scheme. |